Sustainable procurement can help companies protect their brand reputation as it requires them to develop robust risk management. Policies and strategies for sustainable procurement are based on the need to future-proof themselves primarily around scarcity in supply, the ability to cope with the demand of emerging markets, pressures brought upon by cost and the ability to reduce cost through reductions in energy consumption and waste. Best practice would be to future-proof your company’s sustainable procurement and investments by implementing sustainable policies that increase their long-term viability. It encompasses many issues beyond, for example, child labor or the use of harmful chemicals that can affect people or the environment.Ĭommitment to sustainable procurement ensures that a company’s core sustainability values are throughout the life cycle of their products and services. Sustainable procurement integrates specifications, requirements and criteria that are compatible with the protection of the environment and society as a whole. Sustainable procurement is the integration of Corporate Social Responsibility (CSR) principles into your company’s procurement processes and decisions while ensuring they still meet the requirements of your stakeholders. Back to Glossary Page What is Sustainable Procurement?
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